Category: Samera

Today, Rishi Sunak announced his latest endeavour to try and stave off a major calamity over the winter months by trying to minimise job losses over these difficult times.

Whilst some may be hopeful about this initiative and that it will help many, others maybe thinking that this is just delaying the inevitable.

Nevertheless, whatever your viewpoint the key points are:

• Under the scheme, the government will subsidise the pay of employees who are working fewer than normal hours due to lower demand
• Workers must do at least a third of their normal hours
• Employers will pay staff for the hours they work
• The government and the employer will pay a third each for the hours they can’t work
• It means someone working a third of their hours would receive 77% of their pay
• The grant will be capped at £697.92 per month
• All small and medium sized businesses will be eligible for the scheme
• Larger business will be eligible if their turnover has fallen during the crisis
• It will be open to employers across the UK even if they have not previously used the furlough scheme
• The scheme will run for six months starting in November and replaces the “furlough” scheme
• It means the government will pay a maximum of 22% of someone’s wages, down from 80% at the start of the furlough policy

Bounce back loans

In addition, the chancellor also announced changes to loans taken out by any businesses. Instead of having 6 years to pay back loans, these can now be paid back over a 10 year period.

Helpful for cash flow for many struggling businesses.

The government continues its generosity.

What Happens Next in UK Dentistry?

In this video, Arun discusses dentistry in the UK over the last decade and what he thinks will happen in the next 10 years in Dentistry – Enjoy!

Teddie is a regular well loved visitor to our offices always putting a smile on all our faces!

She’s transformed our lives in the last 18 months and even had a massive impact on the Samera business! She sits smiling on our team website page and in fact, was the reason two key team members joined Samera because when they saw her there they understood our business culture straightaway!

So how does your business culture differ from a sea of sameness? What makes you special? Do you have a Teddie in your business?

If you are in Surrey and need some business advice pop in and come and say hello to Teddie she gives the best welcome!

Whether you’re interested in accountancy and tax, raising finance, buying and selling a practice or growing your profits, we (and Teddie!) are here to help!

Is there really a pot of gold at the end of the rainbow?

Sweat, stress, anxiety and sleepless nights – my business advice for dentists.

Don’t kid yourself if you think owning and running a business is your path to riches and financial freedom. For many entrepreneurs there isn’t a pot of gold waiting for them, but in fact stress and many sleepless nights.
Whilst on social media and TV it may appear that owning and running a business is easy, the truth of the matter is that most businesses fail – Why?

Because running a business is NOT easy.

Challenges come in many forms, including:

• Building a motivated and committed team
• Getting new customers and looking after existing ones
• Managing cash flow
• Trying to make a profit
• Dealing with taxes….

Just to name a few.

But, in my opinion, running a business requires you, as an individual, to really step into the unknown.

A zone where you don’t know if you will have sufficient funds to meet payroll, or whether a client will pay you on time (or even pay you at all), or the bank will support you in your hour of need.

The uncertainty of business can be too much for many, which is completely understandable, especially if you have loved ones to support.

Yet, for those that can tolerate the pain, and the rollercoaster of building a business, the possibility of a pot of a gold waiting for them is still slim.
Good luck, fortunate timing, hard work and tenacity have a huge part to play in building a successful business, but most importantly your mind set is the thing that will determine if you reach your pot of gold.

Income vs Building Wealth

After struggling to build a business with a committed team, many individuals settle for building a business around them, where they are the monkey AND the organ grinder.

I meet many solo dentists, or business consultants, who do just this, building a decent income stream dependent on their efforts, but the problem here is that if they stop working, there is no income, and ultimately there is no value created.

The key is to build a business where it is not reliant on you being the CEO, chief financial officer, the IT manager and the Client manager, as well as the cleaner…this will not be sustainable and will ultimately create further stress for you, and not be worth anyone wanting to buy.

Remember the pot of gold waiting for you?

Business buyers want to buy a business that is not reliant on one party, they want to spread their risk, they want to buy something that will continue to grow into perpetuity, with or without you in the business.

Getting that right is downright difficult, but for those that achieve that, the pot of gold can truly become a reality.

That’s when you have built considerable wealth, which can be life changing for you and your loved ones.

So what about Mind Set?

As I highlighted earlier, your mind will ultimately be the determinant of your success.

Expect knock backs after knock backs, expect problems, expect difficult team members, difficult customers, difficult times, lack of cash flow, tough decisions, and of course hard work.

Business = Problems

Personally, I’ve had my fair share of all of these, including employment tribunals, cash flow issues, contractual issues, difficult clients, all whilst dealing with children in hospital, dealing with dementia with parents,  but truth be told, I relish nothing more than a challenge in business, I actually thrive on solving problems.

But if you can handle this, and your family can handle this (as you need support from them), then perhaps that pot of gold is waiting for you at the end of the rainbow?

It’s there for the taking, but remember, only a few will ever reach it – are you one of the few?

The Setting up in Practice Bootcamp 2019 is fast approaching on January 25^th in London. With 20 clients booked in, I thought it would be interesting to reflect on the Samera Bootcamp 2018, held in Manchester, when we had a similar number of attendees.

So, of the 20 attendees, what progress did clients make in buying /setting up practices?

Three clients have been successful in fulfilling their ambitions outlined at Bootcamp. Furthermore, several others have been viewing practices and sites and are still ongoing.

One client bought a practice in South west London financed through Samera Finance.

Two others have been involved in setting up practices in South / South West London. One client bought a practice that had been set up as a start-up (squat), the premises had been all fitted out with equipment etc. However, the practice had never opened due to planning issues. These issues have now been resolved and Samera Finance arranged the finance through one of the major lenders.

The second squat /start up was a practice that had been closed for two years. This needed updating in both equipment and premises, and the finance has again been arranged by Samera Finance.

Are you are thinking about buying a practice or setting up a new practice? Have a look at the Bootcamp 2019 page and see how the bootcamp could benefit you. Next year, we could be talking about the practice you have bought or set up as one of our success stories!

I felt writing a blog post that really reflected how I am feeling as we enter the dusk of 2018 and my thoughts on how to handle 2019.

For many years, I never thought I would make it to 45 years old (but I did back in February) as my mum never made it past that age – so for many years let’s say I just had a few “issues” feeling that I had to pack as much as possible into my life whilst I was alive and kicking!

And that’s what I did in 2018, and will continue to do in 2019 and beyond until the curtain calls.

Pack it in

These are 3 words that really resonate with me and I know my children are pretty much exhausted with both Smita and me and our constant seizing opportunities that life has to offer!

The true highlight of 2018 was welcoming Teddie (our 1-year-old Cavapoo) into the family, and since then it has been pretty much dog-mad in our household.

Holidays and weekends away have all involved Teddie coming with us (it’s a new phenomenon to have a dog sleep on you in a campervan – as if one can sleep in a campervan and then to have a dog sleep on top of you!!!)

Ageing parents

Whilst Teddie brought joy, sadness was very much evident too, with deaths abound and ageing struggling dads. The cycle of life can be so cruel.
Whilst it was a “tough” year, I am very grateful for all the family, friends and clients and the opportunities that came my way. Very grateful and humbling indeed.

How to Handle 2019

With the news still dominated with our divorce from Brussels, its now more important than ever to keep pushing forward, whatever the outcome may be.

The media is embracing negativity, I am personally favouring to ignore the negative news and focus on one’s own actions.

Yes, economic uncertainty appears to be unravelling as we speak, and the marketplace appears to be getting more competitive, yet buying a dental practice still is wishful thinking for many, as prices remain high.

Yet experience has taught me when confronted with a challenge, an opportunity is never far behind.

Challenges always bring another way to think about things, and how to tackle them. Don’t shy away from problems, in fact embrace them in 2019, you will surprise yourself and grow broader shoulders whilst taking on the world.

You just have to possess the right frame of mind, attitude and the ability to see through the fog that is currently around.

2019 requires us to be flexible, adaptable, and a willingness to continue taking bold steps, even when others around are fearful.

That’s when you will grow, and succeed.

On that note, I am off to France for the beginning of the ski season, wish me luck, and I do hope it won’t be a whiteout on the slopes or in 2019 for you or me.

For my ideas and views on what you need to do in 2019 in your business take a watch of the video below:

If you are liking our videos I urge you to subscribe to our channel as 2019 is all about video and sharing our experiences on video.

Christmas Opening Hours

Please note our offices are closed over the Christmas period and we will be back in the office on the 2nd January!

Finally a very Merry Christmas and a Happy New 2019 to you and your loved ones!!

See you in 2019!

Samera Testimonial: Dental Accountants

Dr Jeff Sherer of The Dental Design Studio discusses how the Samera Team of Business Advisors has been helping him and his partner manage their 13 Dental sites across the UK.

For further details on selling a dental practice please click here.

Click here to read our articles Samera Learning Centre.